Russian government to expend $35 billion to address economic crisis

Russian government to expend $35 billion to address economic crisis
# 28 January 2015 11:38 (UTC +04:00)
The anti-crisis plan includes reducing the majority of budget expenditures by 10%, support for small and medium-sized enterprises, strengthening unemployment funds and other measures. The budget deficit for 2016-18 will make up 5%.
Note that, a collapse in oil prices, western sanctions over the Ukraine crisis, and ruble’s depreciation has deteriorated the Russian economy. The decreasing likelihood of a solution to the Ukrainian crisis as well as negative news coming from international assessment organizations are prompting the Russian government to take measures against the crisis.
A large portion of the $35 billion that is be expended to deal with the economic crisis will be spent to cover foreign debts of banks, while $ 1 billion will be spent on measures against unemployment. There will be no decrease in defense expenditures which account for a considerable part of Russia’s budget.
Note that, the plan will be put up for discussion at the parliament this week, and then presented to President Vladimir Putin.
#
#

THE OPERATION IS BEING PERFORMED